赵崇甫：转转的“官方验”模式，恐难以为继

Core Viewpoint - The company is undergoing its largest strategic transformation in ten years, shifting from a C2C model to a C2B2C "official verification" model, which poses significant challenges and risks to its business model [3]. Group 1: Strategic Transformation - The company announced the gradual shutdown of its C2C "free market" business by September 2025, focusing entirely on the "official verification" model [2][3]. - The CEO described the decision as "difficult but necessary," acknowledging that the C2C model had become a breeding ground for online fraud and gray market transactions [3]. Group 2: Business Model Challenges - The company's C2B2C model is caught between two optimal business models: a high-frequency, low-price model and a low-frequency, high-price model, leading to an awkward position [4][5]. - It struggles to achieve the scale effects of low pricing due to high costs associated with quality inspection and physical stores, while also failing to provide the deep service required for high-priced items [5]. Group 3: Cost Burden - The company has entered a heavy asset operation model to support its "official verification" service, employing around 2,500 quality inspectors and nearly 3,000 on-site recovery personnel [7]. - The investment in quality inspection centers, such as the 1.5 billion yuan facility in Qingdao, and the establishment of over 1,000 offline brand stores have led to high operational costs [8]. Group 4: Trust Issues - The attempt to resolve trust issues in second-hand transactions through "official verification" faces challenges due to the non-standard nature of second-hand goods, making it difficult to establish uniform quality inspection standards [9]. - A recent incident highlighted the trust crisis, where a blogger found discrepancies in quality inspection reports for the same phone, leading to significant price differences [10]. - Complaints against the company have exceeded 110,000, primarily concerning inflated valuations and quality inspection issues, raising doubts about the sustainability of its business model [10].